SB 0057 Authorizes state income tax credit equal to a portion of the federal earned income credit
Sponsor:Stoll
LR Number:0220L.01I Fiscal Note:0220-01
Committee:Ways and Means
Last Action:03/06/01 - SCS Voted Do Pass S Ways & Means Comm. (0220L.03C) Journal page:
Title:
Effective Date:August 28, 2001
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Current Bill Summary

SCS/SB 57 - This act phases in an earned income tax credit. The credit is a percentage of the amount claimed on the federal tax return. The percentage is 1.5 percent for 2002-3, 2.5 percent for 2004-5, 5 percent for 2006-7, 7.5 percent for 2008-9, and 10 percent for 2010 and thereafter. Any amount in excess of tax liability is refundable. The Department of Revenue is required to notify potential claimants of their eligibility.
ALAN KELLY